Chief Executive Officer Andrea Orcel of UniCredit SpA (LON:0RLS) has hinted that he would drop ambitions to buy Commerzbank AG (OTC:CRZBY). When asked if he was ready to give up on the German bank in a recent interview with Bloomberg Television, Orcel said sure.


UniCredit has become a significant shareholder in Commerzbank (ETR:CBKG) in recent months. Orcel was thinking about making an acquisition, as he had previously said.


Nevertheless, the Berlin government has not been pleased with these sudden actions, and senior management at Commerzbank has also voiced doubt. Significant challenges to Orcel's strategy have been brought about by these circumstances.

According to Orcel's statement at Davos on Tuesday, "M&A adds value if it's done at the right time, on the right terms, and in the right place." If not, avoid it."

He cited other previous occasions in which he chose to stop contacting other banks because the time no longer looked suitable.

Orcel has already said that he is not ready to make a decision about UniCredit's ownership of Commerzbank. He has also indicated that he may decide to sell the shareholding.

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